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Browsing by the letter "N"
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Nearby Futures Contract
Definition: When several futures contracts are considered, the contract with the closest settlement date is called the nearby futures contract. The next (or the "next out") futures contract is the one that settles just after the nearby futures contract. The contract farthest away in time from settlement is called the most distant futures contract.
Definition: When several futures contracts are considered, the contract with the closest settlement date is called the nearby futures contract. The next (or the "next out") futures contract is the one that settles just after the nearby futures contract. The contract farthest away in time from settlement is called the most distant futures contract.
Nearest Month
Definition: The expiration date of an option or future that is closest to the present.
Definition: The expiration date of an option or future that is closest to the present.
Negative Amortization
Definition: A loan repayment schedule in which the outstanding principal balance of the loan increases, rather than amortizing, because the scheduled monthly payments do not cover the full amount required to amortize the loan. The unpaid interest is added to the outstanding principal, to be repaid later.
Definition: A loan repayment schedule in which the outstanding principal balance of the loan increases, rather than amortizing, because the scheduled monthly payments do not cover the full amount required to amortize the loan. The unpaid interest is added to the outstanding principal, to be repaid later.
Negative Convexity
Definition: A bond characteristic such that the price appreciation will be less than the price depreciation for a large change in yield of a given number of basis points. For example, a fixed-rate mortgage may lose value as rates go down because of prepayments.
Definition: A bond characteristic such that the price appreciation will be less than the price depreciation for a large change in yield of a given number of basis points. For example, a fixed-rate mortgage may lose value as rates go down because of prepayments.
Negative Covenant
Definition: A bond covenant that limits or prohibits certain actions unless the bondholders agree.
Definition: A bond covenant that limits or prohibits certain actions unless the bondholders agree.
Negative Duration
Definition: Occurs when the price of an MBS moves in the same direction as interest rates.
Definition: Occurs when the price of an MBS moves in the same direction as interest rates.
Negative Income Tax
Definition: A proposal to assist taxpayer with below-subsistence-level incomes. After filing a tax return, such persons would receive a subsidy to bring them up above the poverty level.
Definition: A proposal to assist taxpayer with below-subsistence-level incomes. After filing a tax return, such persons would receive a subsidy to bring them up above the poverty level.
Negative NPV Tie-in Project
Definition: A negative-NPV infrastructure development project that a local government requires of a company engaged in a positive NPV investment project elsewhere in the country.
Definition: A negative-NPV infrastructure development project that a local government requires of a company engaged in a positive NPV investment project elsewhere in the country.
Negative Obligation
Definition: A New York Stock Exchange rule that governs the behavior of specialists. Negative obligation is the mandate of the specialists not trade for the specialist's firm's own account when enough public investor orders exist to match up naturally -- without intervention. An example of violating negative obligation is Trading Ahead. Also see positive obligation.
Definition: A New York Stock Exchange rule that governs the behavior of specialists. Negative obligation is the mandate of the specialists not trade for the specialist's firm's own account when enough public investor orders exist to match up naturally -- without intervention. An example of violating negative obligation is Trading Ahead. Also see positive obligation.
Negative Pledge
Definition: An agreement in which the borrower agrees not to pledge any of its assets as security and/or not to incur further indebtedness.
Definition: An agreement in which the borrower agrees not to pledge any of its assets as security and/or not to incur further indebtedness.
Negative Pledge Clause
Definition: A bond covenant that requires the borrower to grant lenders a lien equivalent to any liens that may be granted in the future to any other currently unsecured lenders.
Definition: A bond covenant that requires the borrower to grant lenders a lien equivalent to any liens that may be granted in the future to any other currently unsecured lenders.
Negative Working Capital
Definition: Occurs when current liabilities exceed current assets, which can lead to bankruptcy.
Definition: Occurs when current liabilities exceed current assets, which can lead to bankruptcy.
Negative Yield Curve
Definition: When the yield on a short-term security is higher than the yield on a long-term security, partially because high interest rates are creating a greater demand for short-term borrowing.
Definition: When the yield on a short-term security is higher than the yield on a long-term security, partially because high interest rates are creating a greater demand for short-term borrowing.
Neglected Firm Effect
Definition: The tendency of firms that are neglected by security analysts to outperform firms that are the subject of considerable attention.
Definition: The tendency of firms that are neglected by security analysts to outperform firms that are the subject of considerable attention.
Negotiable
Definition: A security whose title is transferable by delivery . See also: Negotiable instrument.
Definition: A security whose title is transferable by delivery . See also: Negotiable instrument.
Negotiable Bill Of Lading
Definition: Contract that grants title of merchandise to the holder, which allows banks to use the merchandise as collateral.
Definition: Contract that grants title of merchandise to the holder, which allows banks to use the merchandise as collateral.
Negotiable Certificates Of Deposit
Definition: Large-denomination bank certificates of deposit that can be traded.
Definition: Large-denomination bank certificates of deposit that can be traded.
Negotiable Instrument
Definition: An unconditional order or promise to pay some amount of money, easily transferable from one party to another.
Definition: An unconditional order or promise to pay some amount of money, easily transferable from one party to another.
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